Tag : SEC Group
A second reading in parliament of a bill intended to ringfence cash retentions within the construction supply chain will be further delayed until October, with trade bodies supporting the bill hoping to use the time to build wider consensus among MPs to push for reform.
Parliament will this week discuss a bill on opening up the Freedom of Information (FOI) Act to apply to all public service contractors and housing associations as a means to improve transparency around how functions such as fire safety commitments and regulations compliance are being met.
BESA has claimed that over 100 MPs have now expressed support for efforts to ring-fence cash retentions. The claims have been made as the organisation seeks to push regulatory reforms through parliament that would mandate the use of third party deposit schemes.
The Specialist Engineering Contractors’ (SEC) Group has said commitments by chancellor Phillip Hammond to issue a call for evidence over tackling the issue of late payments will be cautiously welcomed in the construction industry.
BESA has said that more than 60 construction and maintenance trade bodies have now lent their support to the Construction (Retention Deposit Schemes) Bill that was introduced to parliament in January as a means to reform payment within the construction supply chain.
Build UK is seeking to introduce a “zero retentions” policy throughout the construction supply chain within seven years as a key policy priority to improve trust in the industry and its practices.
919 employees working on government or key UK infrastructure jobs for collapsed construction giant Carillion will retain their jobs, the Official Receiver has announced. However, 377 employees on the same contracts will be made redundant as a result of the company entering liquidation last month.
Business secretary Greg Clark has welcomed commitments from several banks to support small businesses facing financial difficulties as a result of the collapse of Carillion earlier this week as specialist contractors seek to assess longer-term impacts on their operations.
The Specialist Engineering Contractors’ (SEC) Group has expressed concern over new research concluding that £700m in construction cash retentions has been lost over a three-year period due to insolvencie